Retail Analytics are used by companies to unearth and predict sales trends and develop insights based on the data collected from consumers. Increasing adaptation of analytics by retail leaders has encouraged the small players to shift, adding enormous value to the industry, expected to grow at a CAGR 19.7% during the forecasting period. The widespread availability and access to internet, improvement in machine learning services, increase in the usage of social media and retailer’s willingness to accommodate digital operations with in-store functions are the major drivers for growth in this industry.
What is Retail Analytics?
Retail Analytics refers to the use of technology based tools by businesses in their day to day functions and also use to learn, predict and enhance customers overall experience. Old school retailers relied on individual managerial expertise to estimate the stock to order, or predict the sales of in demand products during high season or vice versa, or to set up promotional activities. By using insights from historical experiences and collecting data from consumers; kiosks, online shopping carts, mobile shopping, and by IOT. AI and machine learning systems convert these unstructured and raw data into meaningful information and assist in decision making. The main business functions where retailers use analytics are Marketing, Sales, Risk Management, Supply Chain, Employee Engagement, Customer analytics and Finance & Executive Management.
Market Research and Market Trends of Retail Analytics Market
- Many industry experts believe analytics can bring in major changes in the way retailers function and how consumer shop. Usage of analytics in retail has transformed the industry beyond imagination. Optimizing inventory and procurement is one of the major hurdles faced by businesses. The reliance on past sales and orders is deemed too risky. Instances may arise when the retailers might be out of stock for a product which has high demand, if unavailable they lose out on revenue and incur high losses. Analytics structure the raw data and help the organization to predict how much stock of each product has to be ordered. This enables the retailer to save costs on logistics, order the optimal quantity, reducing overhead costs and save on storage space.
- Retail giants like Nordstrom and Home Depot encourage consumers download their applications for a more customer centric experience. Applications are an important data source for accessing consumer traffic, locations and browsing history. Using location analytics major retailers are able to keep track of the purchase patterns of the consumers, the branch visit patterns, and places where people are more willing to shop and where not. By utilizing this data stores can identify the high performance branches from their non performing ones, the most popular demographics, develop strategies and personalized solutions.
- The presence of cut throat competition in retail industry pushes companies to constantly innovate, alter strategies and sometimes propel them to venture into unknown territories. The pressure is even higher for industry leaders. Amazon, the e-commerce leader has recently devised their strategy to open physical stores in the USA. The acquisition of Whole Foods, a brick and mortar grocery chain has outlined Amazons ambitions. The intuitive thought of combining readily available data of consumer grocery purchase history with Amazon Web Services (AWS) enables them to design promotional campaigns based on individual preferences.
Who are the Major Players in Retail Analytical Market?
The major vendors in the Retail Market Analytics are Adobe Systems Incorporated, Information Builders, IBM Corporation, Microsoft Corporation, MicroStrategy, Incorporated, Oracle Corporation, Qlik Technologies, Inc., SAP SE, SAS Institute, Inc., Tableau Software Inc., Amazon Web Services and more others.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.